What a day guys... what a day! It was a perfect set up for short. We made a high of 4251 (Resistance given @ 4258) and came down to our support 4205 (low made 4208 in the morning). Gave a mild bounce but failed to cross the high and broke down completely. If we do a Elliot corrective projection, the main supports for the market usually are,
BC=.618*AB
BC=AB
BC=1.618*AB respectively.
If we do the same with nifty levels, AB=4620-4186=434 points & BC will be .618*434, 434 and 434*1.618. While considering BC=AB, we are getting 4527 (second high where B is drawn on picture) as point B. So BC is also 434 points from 4527, that's 4527-434=4093, And yesterday's low is 4092. The given 4130 is the same level got distorted because of my intra-day data aberration, where that 4620 high was recorded 4590. Anyway, I'll take care of that from further posts. So holding this 4092 is really good at least from short term/intra day perspective (to get a chance to exit). And when I am posting this Dow Jones is up 200 points, so certainly we gonna get a decent bounce from here, but how much? Can it negate the short term reversal? There will be number of of overhead barrier to cross and once again expiry will be full of action and volatility. For the coming session 4184/4210 is key, above that nifty will target 4236-4261-4279. Below 4279 any resistance can be a selling point, but it will surely gain some momentum above 4210 (for intra day). On the lower side it has support at 4126 and 4161(if it makes gap up above that). So for coming session,
Supports: 4161-4126/35-4011-4090 (below 4090) 4025-3938... up to 3825
Resistances: 4161-4184/4205, above that 4236-4261-4279.
(Support or resistance properties of 4161 will be determined by the amplitude of gap up opening)
(All future levels, 15 minutes chart added)
Take care.. Trade safe!!
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